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<p>[QUOTE=&quot;desertgem, post: 1666771, member: 15199&quot;]Well, of course misinformation may be the key, but from sources other than our country, it seems that there are some points we may be missing. ( All my opinion from my reading this morning). Germany and the EU didn&#039;t ask for bank tax on accounts under 100,000euros. The Cypriot administration is somewhat concerned that the many high value Russian cash accounts there would affect future such, unless all of the depositors were taxed, including to 20,000 or less. Compromises on % didn&#039;t seem to help when Germany said it was the amount, not who paid it. Also I am sure many high ranking Cypriot politicians and industrialists ( ??) have such cash accounts.</p><p><br /></p><p>The taxed people will get corresponding shares in the &#039;refinanced bank&#039; backed by cypriot gas deposits, so it is not a complete &#039;snatch&#039;.&nbsp;&nbsp; As to why this was done is that the Cypriot banks are far over extended and if the EU gave them a straight bailout, it wouldn&#039;t solve the problem, so they asked for an increase in the banks book of over 5Billion euros. It is my understanding that the administrative branch of the government and the Central Bank&#039;s idea to enact the cash tax to raise this amount. The idea was that once the Cypriot banks are &#039;stabilized&#039; the value of the cash in the bank be worth more and the loss will be regained.&nbsp; Obviously , many do not believe this including Putin, PIMCO, and others. This doesn&#039;t seem to portray any similar scenario is the US or even nations like Germany. I certainly would not use it as an excuse to buy PM due to it, as the effects on PM will be limited or go down if the Euro gains strength from the solution against the USD ( which is doing very well IMO) <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /></p><p><br /></p><p>Jim[/QUOTE]</p><p><br /></p>

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